05-18-2004, 12:05 AM
<b>Selling in India follows stocks to U.S</b>.
By Michael Baron, CBS.MarketWatch.com
Last Update: 11:59 AM ET May 17, 2004
NEW YORK (CBS.MW) - U.S. listed shares of India-based companies fell Monday, reflecting the plunge in the markets in Bombay because of apprehension about the potential policies of a new government in the country.
Quote & News Charts Financials Analysts Options SEC Filings
Fears that the Congress Party, which was victorious in parliamentary elections last week, will slow down the pace of privatization fed the sell-off, forcing regulators to halt trading at various points during the session, according to FT.com.
<b>HDFC Bank Ltd. (HDB: news, chart, profile) was the biggest percentage decliner on the New York Stock Exchange, falling more than 20 percent to $20.75. Fellow banking firm Icici Bank Ltd. (IBN: news, chart, profile) followed suit, losing more than 10 percent to $11.37. </b>
<b>Other notable losers included Rediff.com (REDF: news, chart, profile), off more than 5 percent to $6.80 <!--emo&:cool--><img src='style_emoticons/<#EMO_DIR#>/specool.gif' border='0' style='vertical-align:middle' alt='specool.gif' /><!--endemo--> ; Satyam Computer Services Ltd. (SAY: news, chart, profile), tumbling almost 8 percent to $16.92, Infosys (INFY: news, chart, profile), falling more than 4 percent to $71.57 <!--emo&:cool--><img src='style_emoticons/<#EMO_DIR#>/specool.gif' border='0' style='vertical-align:middle' alt='specool.gif' /><!--endemo--> , and Wipro Ltd. (WIT: news, chart, profile), down about 6 percent to $36.30.</b>
Michael Baron is a reporter for CBS.MarketWatch.com based in New York
By Michael Baron, CBS.MarketWatch.com
Last Update: 11:59 AM ET May 17, 2004
NEW YORK (CBS.MW) - U.S. listed shares of India-based companies fell Monday, reflecting the plunge in the markets in Bombay because of apprehension about the potential policies of a new government in the country.
Quote & News Charts Financials Analysts Options SEC Filings
Fears that the Congress Party, which was victorious in parliamentary elections last week, will slow down the pace of privatization fed the sell-off, forcing regulators to halt trading at various points during the session, according to FT.com.
<b>HDFC Bank Ltd. (HDB: news, chart, profile) was the biggest percentage decliner on the New York Stock Exchange, falling more than 20 percent to $20.75. Fellow banking firm Icici Bank Ltd. (IBN: news, chart, profile) followed suit, losing more than 10 percent to $11.37. </b>
<b>Other notable losers included Rediff.com (REDF: news, chart, profile), off more than 5 percent to $6.80 <!--emo&:cool--><img src='style_emoticons/<#EMO_DIR#>/specool.gif' border='0' style='vertical-align:middle' alt='specool.gif' /><!--endemo--> ; Satyam Computer Services Ltd. (SAY: news, chart, profile), tumbling almost 8 percent to $16.92, Infosys (INFY: news, chart, profile), falling more than 4 percent to $71.57 <!--emo&:cool--><img src='style_emoticons/<#EMO_DIR#>/specool.gif' border='0' style='vertical-align:middle' alt='specool.gif' /><!--endemo--> , and Wipro Ltd. (WIT: news, chart, profile), down about 6 percent to $36.30.</b>
Michael Baron is a reporter for CBS.MarketWatch.com based in New York